v3.26.1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company intends to operate in three reportable segments: (1) Real Estate Properties, (2) Real Estate Equity Securities and (3) Real Estate Loans. For the three and six months ended June 30, 2026 and 2025, the Company had two reportable segments with separately reportable information: Real Estate Properties and Real Estate Equity Securities. The Company organizes and analyzes the operations and results of each of these segments independently, due to inherently different considerations for each segment. Such considerations include, but are not limited to, the nature and characteristics of the investment and investment strategies and objectives. The Company's Chief Operating Decision Makers ("CODMs") are its Chief Executive Officer and President and its Chief Financial Officer. The CODMs utilize the operating income or loss of each segment, as shown below, to assess the performance and cash flows of each segment and to allocate resources among the segments.

The following tables set forth the carrying value, revenue and the components of operating income of the Company's segments reconciled to total assets as of June 30, 2026 and December 31, 2025 and net income (loss) for the three and six months ended June 30, 2026 and 2025.
Real Estate PropertiesReal Estate Equity SecuritiesTotal
Carrying value as of June 30, 2026$316,204 $144 $316,348 
Receivables6,154 1 6,155 
Deferred leasing costs1,919 — 1,919 
Prepaid and other assets1,639 — 1,639 
Subtotal$325,916 $145 $326,061 
Reconciliation to total assets of June 30, 2026
Carrying value per reportable segments$326,061 
Other assets7,556 
Total assets$333,617 
Carrying value as of December 31, 2025$352,388 $123 $352,511 
Receivables7,810 — 7,810 
Deferred leasing costs2,036 — 2,036 
Prepaid and other assets1,592 — 1,592 
Subtotal$363,826 $123 $363,949 
Reconciliation to total assets of December 31, 2025
Carrying value per reportable segments$363,949 
Other assets8,527 
Total assets$372,476 
Three Months Ended June 30, 2026Real Estate PropertiesReal Estate Equity SecuritiesTotal
Property related income$8,539 $— $8,539 
Investment income on marketable securities— 1 1 
Total revenues8,539 1 8,540 
Property operating expenses(2,522)— (2,522)
Administration expenses— (6)(6)
Net unrealized change in fair value of investment in marketable securities— 12 12 
Operating income - segments$6,017 $7 $6,024 
Three Months Ended June 30, 2025
Property related income$10,387 $— $10,387 
Investment income on marketable securities— 1 1 
Total revenues10,387 1 10,388 
Property operating expenses(3,083)— (3,083)
Administration expenses— (4)(4)
Net realized loss upon sale of marketable securities— (2)(2)
Net unrealized change in fair value of investment in marketable securities— (1)(1)
Operating income (loss) - segments$7,304 $(6)$7,298 


Three Months Ended June 30,
Reconciliation to net loss
2026
2025
Operating income - segments$6,024 $7,298 
Interest income20 32 
General and administrative expenses(534)(557)
Advisory expenses(519)(575)
Depreciation(2,322)(2,512)
Amortization(343)(459)
Operating income 2,326 3,227 
Interest expense(2,809)(3,484)
Net loss$(483)$(257)
Six Months Ended June 30, 2026Real Estate PropertiesReal Estate Equity SecuritiesTotal
Property related income$17,232 $— $17,232 
Investment income on marketable securities— 2 2 
Total revenues17,232 2 17,234 
Property operating expenses(4,654)— (4,654)
Administration expenses— (12)(12)
Net realized gain on sale of real estate231 — 231 
Net realized loss upon sale of marketable securities— (1)(1)
Net unrealized change in fair value of investment in marketable securities— 19 19 
Operating income - segments$12,809 $8 $12,817 
Six Months Ended June 30, 2025
Property related income$20,440 $— $20,440 
Investment income on marketable securities— 2 2 
Total revenues20,440 2 20,442 
Property operating expenses(6,424)— (6,424)
Administration expenses— (10)(10)
Net realized loss on sale of real estate(91)— (91)
Net realized loss upon sale of marketable securities— (1)(1)
Net unrealized change in fair value of investment in marketable securities— (4)(4)
Operating income (loss) - segments$13,925 $(13)$13,912 


Six Months Ended June 30,
Reconciliation to net loss20262025
Operating income - segments$12,817 $13,912 
Interest income64 78 
General and administrative expenses(1,404)(1,215)
Advisory expenses(1,027)(1,166)
Depreciation(4,706)(4,885)
Amortization(764)(919)
Operating income4,980 5,805 
Interest expense(5,888)(6,860)
Net loss$(908)$(1,055)